Spain cuts 2021 growth forecast to 6.5% after first-quarter contraction

© Reuters. FILE PHOTO: Informal Meeting of Ministers for Economics and Financial Affairs in Berlin By Belén Carreño and Nathan Allen MADRID (Reuters) – Spain’s government slashed its forecast for this year’s economic recovery on Friday to reflect a COVID-induced contraction in the first quarter and expected delays to the arrival of EU rescue funds. […]

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Levi Strauss forecast disappoints as virus resurgence shutters stores

© Reuters. The Levi Strauss & Co. logo is seen on display ahead of IPO on floor of New York Stock Exchange (NYSE) in New York (Reuters) – Levi Strauss & Co (NYSE:) on Wednesday forecast first-quarter results below analysts’ estimates as the resurgence of COVID-19 shutters the denim maker’s stores in major markets, sending […]

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Nike raises full-year sales forecast, posts surprise earnings growth

2/2 © Reuters. A person walks past a Nike brand store in Kyiv 2/2 By Uday Sampath Kumar and Richa Naidu (Reuters) -Nike Inc said on Friday that full-year revenue will likely be better than previously expected, after COVID-wary shoppers demanding outdoor sportswear drove its third consecutive surge in online sales. Shares in Beaverton, Oregon-based […]

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NZ Treasury boosts its GDP growth forecast for 2020/21 by 2%

Half-yearly update out of New Zealand. Notably boosting expectations for economic growth Average for 2020/21 now expected at 1.5% from -0.5% previously Q3 GDP forecast is +10.5% (vs the +12.2% in Q2)  projects the unemployment rate to peak at 6.9% in Q4 2020, was previously at 7.8% For bank trade ideas, check out eFX Plus […]

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AbbVie raises 2020 profit forecast as COVID-19 hit eases

© Reuters. (Reuters) – Drugmaker AbbVie Inc (N:) posted better-than-expected quarterly sales and raised its full-year adjusted profit forecast on Friday, as demand for its Botox and other treatments showed signs of recovery from the COVID-19 pandemic hit. Lockdowns and pandemic fears had forced people to delay non-essential surgeries earlier this year, but with restrictions […]

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J.M. Smucker raises profit forecast on upbeat demand

© Reuters. Containers of Smuckers’s Jam are displayed in a supermarket in New York (Reuters) – J.M. Smucker Co (N:) on Tuesday raised its forecast for fiscal 2021 adjusted profit, after the Jif peanut butter maker topped estimates for first-quarter sales on strong demand for its coffee, frozen sandwiches and fruit spreads. Shares of the […]

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Marco forecast to become hurricane as governors urge residents to brace for storms

© Reuters. FILE PHOTO: Tropical Storm Isaias impacts Northeast U.S. in Sea Girt By Brendan O’Brien and Erwin Seba (Reuters) – Marco, one of two tropical storms headed for the U.S. Gulf Coast, was forecast to strengthen into a hurricane later on Saturday as coastal governors urged residents to prepare for the unprecedented weather event […]

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Singapore cuts 2020 GDP forecast for third time on virus outbreak

SINGAPORE (Reuters) – Singapore downgraded its 2020 gross domestic product forecast for the third time as the COVID-19 pandemic batters the bellwether economy, the trade ministry said on Tuesday. The city-state lowered its GDP forecast range to a contraction of 7% to 4% from the prior range of a decline of 1% to 4%. Singapore’s […]

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Merck profit beats, coronavirus uncertainty weighs on forecast

© Reuters. FILE PHOTO: The Merck logo is seen at a gate to the Merck & Co campus in Linden, New Jersey (Reuters) – Merck & Co Inc (N:) beat analysts’ estimates for quarterly profit on Tuesday on strong demand for its blockbuster cancer drug, Keytruda, but expects coronavirus-led lockdowns to weigh on the treatment’s […]

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